Razorpay buys fintech startup IZealiant Tech

Thursday 17 March 2022 09:16 CET | News

India-based fintech Razorpay has acquired fintech startup IZealiant Tech to further augment its banking solutions arm’s technologies for partner banks.

Razorpay’s Banking Solutions Arm has been working with banks in building new payment technology solutions. Collaborating with over 45 banks in India, Razorpay’s team has been part of several projects, including the Razorpay TokenHQ, a multi-network RBI compliant card tokenization solution, and MandateHQ, the API-based, plug-n-play recurring payments interface for banks.

The fintech believes IZealiant has banking expertise, because since 2016 it has deployed its ZealPro product suite for more than 50 banks across 18 countries, processing millions of transactions including in India, South Africa, Nepal, Bangladesh, Vietnam, Singapore, and Uganda.

Razorpay, serves over 8 million businesses including the likes of Facebook, Ola, Zomato, Swiggy, and Cred. It achieved USD 60 billion, total payment volume (TPV) as of early December 2021. The company clocked over 300% year-over-year growth, second year in a row and plans to achieve USD 90 billion TPV by the end of 2022, according to the press release.

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Keywords: Razorpay, fintech, API, RBI, banking
Categories: Payments & Commerce
Countries: India
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